Portfolio

Current Investments

	Animal Supply Animal Supply Company, LLC is the leading wholesale distributor of pet products to the independent specialty retail market in the Western U.S. The company offers customers a broad portfolio of brands and product categories, across a variety of price points and sourced from over 200 vendors. Healthy dog and cat food makes up the bulk of sales with the balance from treats, toys, supplies and accessories. Animal Supply serves over 1,900 independent stores - including both pet and farm & feed stores - across 8 states. The company is headquartered in Federal Way, WA and operates five warehouses.
	APEX Analytix, Inc. Headquartered in Greensboro, NC, APEX Analytix, Inc. provides technology-enabled recovery audit services to more than a third of the Fortune 100. Through its comprehensive service and technology offering, APEX has saved clients more than $2 billion in overpayments to date.
	Apollo Investment Corporation Apollo Investment Corporation is a publicly traded business development company (BDC) that has been investing for over two decades in undervalued companies with sound business models. Apollo primarily invests in companies with a market leading position with strong free cash flow and experienced management team. Since 1990, they have invested in over 150 companies with more than 100 different financial sponsors. About 60% of their portfolio consists of subordinated debt of middle market companies whereas 30% is senior secured loans with the final 10% being equity and warrants on the basis of its debt investments.
	Autocrat, Inc. Autocrat, Inc., based in Lincoln, RI (Providence area), is a leading coffee roaster and manufacturer of extracts used as flavorings in a wide range of beverage and snack food markets. Autocrat was founded in 1895 as a coffee roaster supplying products to foodservice and retail accounts in New England and introduced a coffee syrup product in the 1930’s that is the official state drink of Rhode Island.
	Carolina Beer and Beverage, LLC Founded in 1997, Carolina Beer & Beverage LLC is an independent contract packager serving the high-growth energy drink category and other attractive segments of the functional beverage market. The company provides flexible co-packing solutions using non-traditional packaging.
	FTA Partners FTA Partners is the general partner of a fund of funds and multi-family office headquartered in Chapel Hill with offices in both New York and San Francisco. FTA offers premier Multi Family Office services and asset allocation and manager selection to a select group of highly successful individuals and their families. FTA will also supply outsourced Chief Investment Officer services to provide an investment-only solution to families, endowments, and foundations.
	iContact iContact Corporation is a leading provider of on-demand email marketing solutions for small and medium-sized businesses. iContact automates the process of managing contact information, enables the creation of professionally designed emails and newsletters and measures campaign effectiveness.
	iRhythm iRhythm Technologies, Inc. is an early-stage development venture pursuing novel approaches in cardiology. iRhythm strives to ensure that cardiac rhythm monitoring becomes more accessible and available to patients who may be at risk for an abnormal heart rhythm, or an arrhythmia.
	Jacob Ash Jacob Ash Holdings is a premier supplier of gloves, headwear and related accessories to mass merchandisers, sporting goods retailers, department stores, home centers, catalogue, and off-price retailers. The Company designs, sources, and merchandises an extensive offering of private label and branded products.
	K2 Industrial Services K2 Industrial Services is one of the largest outsourced industrial services providers in the U.S. and performs cleaning, coating, insulation, scaffolding and roofing work in more than 700 facilities. The Company serves a diverse array of customers (over 500) in a number of industries, including refining, petro-chemical, speciality chemical, power generation, steel and paper. The Company has 22 branch locations across the U.S., allowing it to serve Fortune 500 customers nationwide. K2 has significant operations in the Great Lakes, the Gulf Coast, Southern California and the Mid-Atlantic.
	National Clinical Research, Inc. and Hampton Roads Center for Clinical Research, Inc. National Clinical Research, Inc. and Hampton Roads Center for Clinical Research, Inc. are premier dedicated clinical research sites that conduct Phase II through IV clinical studies for the world’s leading pharmaceutical companies and Contract Research Organizations.
	North American Video North American Video is an internationally recognized security systems integrator that was named “Systems Integrator of the Year” in 2005 and has since continued to show substantial growth. From systems design through implementation and training, North American Video provides the highest levels of performance, integration, customer service and support to more than 500 client companies globally. With offices located in New Jersey, New York, Las Vegas, Washington State, Mississippi, South America and Macau, North American Video has built an extensive client list over the years, including numerous casinos, schools, corporations, retail, banking and financial institutions.
	Nutrition Physiology Company, LLC Nutrition Physiology Company, LLC is a microbial technology company specializing in products for ruminant livestock nutrition and food safety. The company’s flagship product, Bovamine, is designed to improve bovine feed efficiency and increase digestive health. NPC has a strong commitment to the research and development of its family of products. NPC provides customers with consistency in research, state-of-the-art application systems, and knowledgeable technicians devoted to superior service. NPC is based in Kansas City, MO.
	PJ United Founded in 1991, PJ United is the country’s largest franchisee of Papa John’s International, a leading national brand for carry-out and delivery pizza. Headquartered in Birmingham, Alabama, PJ United operates 116 stores in Alabama, Louisiana, Texas, Ohio, Utah, and Virginia. Papa John’s is well-known for its emphasis on quality, premium pizzas through the “Better Ingredients, Better Pizza” approach. For eight years running, consumers have rated Papa John’s No. 1 in customer satisfaction among all national pizza chains in the highly regarded American Customer Satisfaction Index.
	PolyPipe PolyPipe is the second largest manufacturer of polyethylene pressure pipe in North America, offering one of the broadest product lines in its industry. PolyPipe’s product offering includes straight length pipe from 2” to 65” diameter, continuous coiled pipe from 1/2” to 6” diameter, and pipe engineered with both high-density and medium-density resins. PolyPipe also manufactures U-Liner®, a patented product that is used in the trenchless pipe rehabilitation market. PolyPipe’s products are used in wide variety of applications and end markets, including general industrial, mining, potable water/wastewater, oil & gas production, and natural gas distribution. The Company operates seven modern production facilities in five states and is headquartered in Gainesville, TX.
	Revolution, Inc. Founded in 1996, Revolution offers a full product line of footwear, bodywear and recital costumes to serve the needs of dancers across several dance style categories including tap, jazz, ballet, and hip hop. A unique distribution strategy of selling Revolution’s products through dance schools across the U.S., has resulted in a loyal customer base of dance instructors who serve as a catalyst for the company’s sales growth.
	Service Champ Service Champ is the largest independent distributor of light vehicle maintenance parts and accessories to oil change shops in North America and a growing distributor to general repair shops in the automotive aftermarket. The company’s principle product lines include air and oil filters, wiper blades, chemical additives, and tools. With more than 8,000 SKUs, Service Champ offers a broad array of products and brands including its own private label products. Headquartered in Chalfont, PA, Service Champ’s distribution network consists of eight strategically located distribution centers across North America that allow for optimal delivery times to customers.
	Sharecare Sharecare is an interactive social Q & A platform providing consumers expert medical information for health and wellness. Sharecare was launched in 2010 by WebMD founder Jeff Arnold and Dr. Mehmet Oz in partnership with Discovery Communications, Harpo Productions, HSW International, and Sony Pictures Television. Based in Atlanta, GA, Sharecare’s mission is to greatly simplify the search for high-quality healthcare information and answer the world’s questions of health. Sharecare’s content contributors include hospitals, MDs, non-profits, healthcare companies and active health consumers.
	TransEnterix, Inc. Headquartered in Research Triangle Park in North Carolina, TransEnterix was founded in 2006 by Synecor, a privately held business accelerator focused on creating highly proprietary, disruptive technologies in the largest medical device and combination drug/device markets. TransEnterix’s revolutionary single-incision, single-port, multi-channel laparoscopic surgical platform allows a surgeon to remove a patient’s gall bladder and perform other abdominal surgeries without leaving a visible scar.
	Trio Clinical Research Trio Clinical Research, founded in 2003, is a clinical research services company supporting the pharmaceutical, biotechnology and medical device industry. Among Trio’s extensive customer base it counts a majority of the world’s top pharmaceutical companies as clients. Headquartered in Durham, NC, Trio provides clinical services across a myriad of therapeutic areas in phases I-IV. Two follow on investments have been made as of July 2010, adding Fulcrum Pharma plc and ClinResearch GmbH to the Trio platform. Trio was acquired in a partnership between Halifax, SV Life Sciences and an experienced management team led by Pat Donnelly.

Exited Investments

ArtusLabs

ArtusLabs is a technology company that enables scientific data management and workplace collaboration for research-driven entities such as biotech companies, pharmaceutical companies, and academic institutes and laboratories. Blending together the management of unstructured information and insights with social networking, personal publication, and refined data mining, ArtusLabs can significantly enhance internal and external research communication and research management. The company’s “Genius” product line provides significant innovation for selecting optimal purifications, formulations, reactions, and other activities.

Taylor Logistics, LLC

Taylor Logistics, LLC is a leading, asset-based provider of transportation and logistics services for midstream energy companies. Taylor, headquartered in Mesquite, Texas, hauls crude oil, condensate, and natural gas liquids. It is the largest independent in the U.S., with operations stretching from Alabama to Utah and the Gulf of Mexico to Canada. The company utilizes a fleet of over 325 specialized tractors and trailers and network of strategically located pipeline injection points to move crude oil from remote or marginal well sites that are not connected to gathering systems to pipelines, storage facilities, and refineries. Taylor serves as a critical link in our nation’s crude oil supply chain. Taylor also engages in the marketing of natural gas liquids, such as butane, propane, and natural gasoline.

Investments

Portfolio »
Investment Approach »